This Week's Houston Deal Sheet
Houston-based Goree announced Friday that it acquired a majority interest in Abel Design Group, which will now be known as Abel Design Group – A Goree Company.
Goree, a fast-growing architecture firm founded by Fred Goree in 1963, and Abel Design Group, an award-winning design firm founded over two decades ago, announced the partnership to their staff on May 4, per a release.
The partnership will help each entity diversify its portfolios and grow its staff. The two Houston-based, family-owned companies view this new partnership as a natural fit and easy pivot, according to a news release.
“Our two firms complement each other,” Goree Managing Partner Steven Craney said in a statement. “ADG aligns with so much of who Goree is and how we operate. Not only are we, as Goree, able to team up and immediately gain additional support from this award-winning team, but ADG will be able to gain us for support with our breadth of services.”
Within ADG’s current corporate structure, Goree will hold a majority interest, but little will change beyond expanding each group’s talent pool and market reach. With Goree’s Dallas office and GoreeWhitfield in Dana Point, California; and ADG’s Austin, Denver and Atlanta offices, both groups can leverage growth and expand their client base.
“It’s an exciting time for ADG as we venture into new horizons with Goree,” ADG Managing Principal Jeffrey Abel said. “This collaboration will undoubtedly propel us to greater heights, and together, we will achieve new levels of success.”
SALES
Partners Real Estate arranged the sale of a 61K SF multitenant industrial property on about 11 acres of land at 3321-3411 Westside Drive in Pasadena. Partners’ Clay Pritchett and Zane Carman represented the buyer, Grace Heritage Properties. The seller was represented by General Property Services 1.
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Maymar Marine Supply purchased 12.5K SF of industrial distribution space on 1.2 acres at 4690 Kendrick Plaza Drive from Gerald and Karen Faulconer LLC. Fritsche Anderson Realty Partners' Brandon Wuntch and Drew Altmann represented the buyer, and Avison Young’s Drew Coupe and Dawson Smith represented the seller.
LEASES
Fluor Corp. signed a 12-year, full-building lease for Three Eldrige in Houston’s Energy Corridor. The lease is for the full 13-story, 308K SF Class-A office building. Fluor will relocate from 1 Fluor Daniel Drive in Sugar Land to the Energy Corridor in Q2 2024, bringing about 1,600 employees.
Fluor was represented in the lease transaction by Rick Kaplan, David Guion and Chris Oliver of Cushman & Wakefield. Granite Properties was represented by Jon Dutton and Andrew Elliott of Granite. Granite acquired Eldridge in 2019.
In 2020, Granite updated Eldridge, a Class-A, 824K SF, three-building office complex, with an air filtration system, hands-free entry doors and touchless fixtures in restrooms. All Eldridge customers have access to the Customer Connection Center, which has a greeting desk, coffee bar, space for an EATS café, a fitness center with virtual classes, lockers and showers, and three conference rooms, including a training facility and phone room.
Fluor has 40,000 employees globally supporting clients in more than 60 countries with engineering, procurement and construction projects. Fluor has occupied the office complex at Lake Pointe Plaza in Sugar Land since the 1980s.
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Partners Real Estate arranged a sublease of 53K SF for Patterson-UTI Energy at 10713 West Sam Houston Parkway N. Partners’ Dan Boyles represented Patterson-UTI Energy, the sublessee, in the transaction. Jon Williams and Kevin Saxe of CBRE represented the sublessor, Acclara Solutions.
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Chase McAteer of Oxford Partners represented the buyer, SK2 Services, in the purchase of a 45K SF distribution building at 1701 Massey Tompkins Road in Baytown. Stephen Darnall of Fuller Realty represented the seller, FRI Massey Tompkins.
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Matt Rogers of Oxford Partners represented the tenant, Intac Supply, in the leasing of 18K SF of industrial space at 6600 Long Point Road in Houston. Carter Holmes of Holt Lunsford Commercial represented the landlord.
CONSTRUCTION & DEVELOPMENT
Gauge Real Estate Partners is nearing completion of a 62K SF distribution facility at 10355 Deer Tail Drive in Houston. Gauge North Central Logistics is within Pinto Business Park at the southwest corner of Interstate 45 N. and Beltway 8. It is a Class-A, infill industrial project with an expected shell completion delivery date of June 2023.
Robert McGee and Austin Bartula of Lee & Associates are handling sales and leasing for the property.
Design features include a 28-foot clear height, 130-foot truck court, ESFR sprinkler system, 10 dock-high doors and an oversized door with a grade-level ramp, clerestory windows and a 60-foot staging bay. The building also contains ample automobile parking with the ability to expand, and a flexible layout enabling a tenant to fully fence, secure and brand the premises to specific business needs.
